Bursa Malaysia opens marginally higher on broad based buying interest

KUALA LUMPUR: Bursa Malaysia opened marginally higher supported by broad based buying despite Wall Street's mixed finish last Friday.

At 9.30am, FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.39 per cent or 5.83 points to 1,512.11 versus Friday's closing of 1,506.28.

The key index opened 0.12 per cent or 1.83 points higher at 1,508.11.

The broader market saw gainers led decliners 404 to 290 while 342 counters remained unchanged.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the firm remained cautiously optimistic on the market today driven by the improving sentiment although profit takings may arise.

"Thus, we anticipate the benchmark index to trend within the range of 1,500-1,510 for today," he said in a note.

On the global front, Wall Street finished mixed as investors awaited the release of key inflation data to gauge when the US Federal Reserve may start cutting interest rate.

The Dow Jones Industrial Average gained 60 points (0.16 per cent), while Nasdaq lost 55 points (0.36 per cent) led by selling on Intel.

"In Asia, major indices trended mixed with profit taking activities seen in Japan and Hong Kong following their recent gains."

"The Hang Seng Index  fell 260 points (1.6 per cent) to finish below the 16,000 mark," added Thong.

The index board saw FBM100 adding 0.39 per cent to 10,927.35 and FBM Emas rising 0.37 per cent to 11,274.47.

Meanwhile, FBM ACE dropped 0.02 per cent to 4,840.96.

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